Lordstown shares plunge 48% as investor Foxconn alleges agreement breach

FILE PHOTO: Lordstown's logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) -Lordstown Motors shares plunged 48% Monday after major shareholder Foxconn alleged it breached their $170 million investment deal and the electric truck maker warned it might be forced to file for bankruptcy.

Lordstown warned in a U.S. Securities and Exchange Commission filing on Monday that "there is substantial doubt regarding our ability to continue as a going concern." Without a resolution with Foxconn, other funding or new partners, it could be forced to file for bankruptcy or cease operations, it added.